Jeera (Cumin seeds) exporters are losing market to Syria and China, as Indian jeera is being quoted at a higher price despite being low in quality. At present, Indian jeera is quoted at $3,500 (free on board) per 100 kgs, while jeera from China and Syria is quoted at $3,000-3,300 (free on board) per 100 kgs.
This season jeera crop is expected to be lower by 20 per cent, but in the last few months, prices remained high due to the ending season when the stocks are at low levels. This has led to higher prices affecting exports.
However, when the new crop starts arriving in the market in a week’s time, “export prices could also come down by $150-200, matching with the prices offered by the competitors,” said an exporter.
The unseasonal heavy rainfall in November-December have damaged the quality of jeera. Traders point that the jeera which is arriving in market is dark in colour and is not suitable to export.
Prices on the National Commodity & Derivatives Exchange reached its peak this season at Rs 17,520 per 100 kilogram on Wednesday.
This year, the inventory level is at its 10-year low of four-five lakh bags (1 bag = 75 kilograms) from the average inventory levels of 10-12 lakh bags. The crop is estimated to be at 1,50,000 tonnes as compared to last year’s 1,65,000 tonnes.